NEW YORK CITY FORECLOSURE RATES DROP COMPARED TO OTHER MAJOR CITIES

NEW YORK CITY FORECLOSURE RATES DROP COMPARED TO OTHER MAJOR CITIES ACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
City’s Rates Still Higher Than New York State Averages; State Foreclosures Drop 17 Percent

Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – With fewer new foreclosures reported in June than in May, the New York City metropolitan area posted the second-lowest foreclosure rate among the nation’s top five metropolitan areas, according to the RealtyTrac 2005 U.S. Foreclosure Market Report™.

RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.

Only Los Angeles documented a lower foreclosure rate than New York out of the nation’s five largest metropolitan areas. The foreclosure rates in Dallas-Fort Worth, Philadelphia and Chicago were all higher. The city’s declining foreclosures cut against the grain of a 7 percent increase in the number of new foreclosure nationwide.

“New York landed a notch lower in comparison to other major cities this month,” said James J. Saccacio, RealtyTrac chief executive officer. “It’s probably worth noting that the two cities with the lowest foreclosure rates — New York and Los Angeles — are also two of the areas where housing prices continue to increase to all-time highs.”

All of the New York counties in the greater metropolitan area reported fewer new foreclosures, ranging from a 3 percent decline in Nassau County to a 23 percent slide in Bronx County. The foreclosure rates in both those counties dipped slightly below the national average but stayed close to 1.5 times the state average.

Despite the falling numbers, Kings and Queens counties both registered foreclosure rates more than two times the state average, with one foreclosure for every 1,341 households in Kings County and one foreclosure for every 1,209 households in Queens County.

Nearby Bergen County, N.J., experienced a 10 percent increase in the number of properties entering foreclosure, but its foreclosure rate remained well below state and national averages with one foreclosure for every 2,296 households. Although Essex County foreclosures dropped 18 percent in June, its foreclosure rate was 2.4 times the national rate, with one foreclosure for every 717 households.

Continuing the extreme swings it has experienced in the last two months, Union County, N.J., foreclosures spiked 102 percent in June with 366 properties entering foreclosure. Although a drastic increase over the 181 foreclosure reported in May, the number closely mirrored the 345 foreclosures reported in April.

New York state foreclosures dropped 17 percent in June, lowering the state’s foreclosure rate to one foreclosure for every 2,794 households — less than two-thirds the national average. New Jersey foreclosures increased 8 percent, but with nationwide foreclosures increasing similarly, the state maintained a foreclosure rate 1.6 times the national average.

The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and raised the nation’s foreclosure rate to one new foreclosure for every 1,726 households.

RealtyTrac’s June report also includes previously unreported foreclosure data in the New York metropolitan area and 73 other counties, although the new data is not used for the month-to-month comparisons. The new data showed 264 additional foreclosure properties in the New York metropolitan counties, but did not change the ranking of the city’s foreclosure rate in comparison to the top five metropolitan areas. Nationwide the new data included 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been repurchased by a bank).

Below are foreclosure market statistics nationwide and by state:

State Name NODs NTSs NFSs LISs REOs Total %tile
US 6/2005 13428 30031 1908 10286 19788 75441
Alabama 6/2005 1 925 0 0 153 1079 66.67
Alaska 6/2005 0 133 0 0 13 146 72.55
Arizona 6/2005 18 1896 0 0 182 2096 86.27
Arkansas 6/2005 25 782 0 0 132 939 80.39
California 6/2005 3938 566 0 0 181 4685 54.90
Colorado 6/2005 1378 200 0 0 721 2299 94.12
Connecticut 6/2005 782 30 0 0 3 815 68.63
Delaware 6/2005 7 15 0 0 6 28 19.61
District of Columbia 6/2005 0 4 0 0 28 32 29.41
Florida 6/2005 0 0 1286 8063 429 9778 96.08
Georgia 6/2005 14 2687 0 0 2212 4913 98.04
Hawaii 6/2005 40 27 0 0 1 68 35.29
Idaho 6/2005 63 127 0 0 34 224 60.78
Illinois 6/2005 2181 127 0 0 1457 3765 76.47
Indiana 6/2005 565 677 0 0 899 2141 84.31
Iowa 6/2005 26 26 0 0 76 128 25.49
Kansas 6/2005 13 28 0 0 111 152 31.37
Kentucky 6/2005 368 69 0 0 200 637 49.02
Louisiana 6/2005 32 229 0 0 94 355 39.22
Maine 6/2005 0 1 0 0 2 3 1.96
Maryland 6/2005 9 342 0 0 294 645 44.12
Massachusetts 6/2005 28 346 0 0 5 379 33.33
Michigan 6/2005 22 288 0 0 2723 3033 74.51
Minnesota 6/2005 16 52 0 0 91 159 17.65
Mississippi 6/2005 7 283 0 0 52 342 41.18
Missouri 6/2005 21 84 0 0 623 728 44.12
Montana 6/2005 0 34 0 0 4 38 21.57
Nebraska 6/2005 55 8 0 0 17 80 27.45
Nevada 6/2005 117 409 0 0 33 559 70.59
New Hampshire 6/2005 0 7 0 0 6 13 9.80
New Jersey 6/2005 1699 1400 0 0 97 3196 89.22
New Mexico 6/2005 270 24 0 0 76 370 64.71
New York 6/2005 0 0 622 2223 69 2914 51.96
North Carolina 6/2005 19 207 0 0 1233 1459 56.86
North Dakota 6/2005 0 2 0 0 17 19 12.75
Ohio 6/2005 113 1729 0 0 2148 3990 82.35
Oklahoma 6/2005 436 338 0 0 416 1190 78.43
Oregon 6/2005 109 296 0 0 64 469 47.06
Pennsylvania 6/2005 130 1322 0 0 730 2182 58.82
Rhode Island 6/2005 1 5 0 0 0 6 5.88
South Carolina 6/2005 55 73 0 0 532 660 51.96
South Dakota 6/2005 0 2 0 0 2 4 5.88
Tennessee 6/2005 3 994 0 0 1372 2369 89.22
Texas 6/2005 24 12007 0 0 1588 13619 100.00
Utah 6/2005 567 33 0 0 314 914 92.16
Vermont 6/2005 0 1 0 0 2 3 5.88
Virginia 6/2005 2 206 0 0 70 278 23.53
Washington 6/2005 3 925 0 0 149 1077 62.75
West Virginia 6/2005 0 41 0 0 21 62 15.69
Wisconsin 6/2005 270 21 0 0 65 356 37.25
Wyoming 6/2005 0 0 0 0 15 15 12.75

About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (www.realtytrac.com) is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.

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Media Contact:
Jennifer Olson
Atomic Public Relations
415-402-0230
jennifer@atomicpr.com

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